Genesis sues Gemini, seeking nearly $690m in ‘preferential transfers’
Genesis says the Winklevoss-founded crypto exchange benefited at the expense of Genesis’ creditors when it withdrew the money at the beginning of the crypto winter. Genesis Global Capital, a crypto brokerage firm owned by Digital Currency Group (DCG), is seeking $689 million from Gemini, saying the Winklevoss-founded crypto exchange benefited at the expense of Genesis’ creditors. In a Nov. 21 lawsuit filed in U.S. District Court for the Southern District of New York, lawyers representing Genesis claim that Gemini withdrew n early $690 million from its client “at the nadir of the significant cryptocurrency market turmoil,” which started in the spring of 2022. In an effort “to correct this unfairness,” Genesis is now seeking to recover the money from Gemini as the crypto exchange continues to benefit from that withdrawal “to this day” through retention of the assets, lawyers for the New York-based broker added. “Thus, Plaintif...